Cairo, July 8, 2023 ─ CIB, Egypt’s leading private-sector bank, has received $250 million from the IFC to further support its efforts to finance environmental sustainability and to combat climate change. This financing follows CIB’s green bond issuance in 2021, the first green bond issuance in Egypt’s private sector, which was also supported by the IFC.
Commenting on the transaction, Heba Abdel Latif, Head of Financial Institution at CIB, said, “We are very pleased to partner with the IFC again in a larger and more comprehensive lending arrangement. The financing underscores the IFC’s confidence in CIB’s and the Egyptian banking sector’s commitment to environmental sustainability.”
Under the terms of the transaction, the IFC is extending a US$150 million 10-year Tier2 facility to the bank, US$90 million of which will be used to refinance existing debt and the remaining US$60 million to support the bank’s sustainable growth plans. A second US$ 100 million seven-year loan will support the bank’s lending to environmental projects, including wastewater treatment and efficiency, renewable energy, green buildings, and sustainable agriculture. In addition, the IFC will provide advice and assistance to construct and execute a vigorous framework to manage climate risk on its existing portfolio.
Commenting on the transaction, Heba Abdel Latif, Head of Financial Institution at CIB, said, “We are very pleased to partner with the IFC again in a larger and more comprehensive lending arrangement. The financing underscores the IFC’s confidence in CIB’s and the Egyptian banking sector’s commitment to environmental sustainability.”
Under the terms of the transaction, the IFC is extending a US$150 million 10-year Tier2 facility to the bank, US$90 million of which will be used to refinance existing debt and the remaining US$60 million to support the bank’s sustainable growth plans. A second US$ 100 million seven-year loan will support the bank’s lending to environmental projects, including wastewater treatment and efficiency, renewable energy, green buildings, and sustainable agriculture. In addition, the IFC will provide advice and assistance to construct and execute a vigorous framework to manage climate risk on its existing portfolio.